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English version
THIS IS A FREE TRANSLATION. ANY
QUESTIONS ABOUT THE TEXT MUST
BE CLARIFIED BY CONSULTING
THE ORIGINAL LISTING RULES IN
PORTUGUESE.
TABLE OF CONTENTS
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NOVO MERCADO LISTING RULES
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PART I - PURPOSE
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PART II - DEFINITIONS
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PART III - AUTHORIZATION FOR THE TRADING ON THE NOVO MERCADO
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PART IV - BOARD OF DIRECTORS
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PART V - FISCAL COUNCIL
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PART VI - ORDINARY AND EXTRAORDINARY REPORTING REQUIREMENTS
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PART VII - PUBLIC SHARE OFFERINGS
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PART VIII - DISPOSAL OF C ONTROL
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PART IX - TRADING IN SECURITIES AND DERIVATIVES BY CONTROLLING
SHAREHOLDERS
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PART X - CANCELLATION OF REGISTRATION AS A PUBLICLY-HELD COMPANY
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PART XI - DELISTING FROM THE NOVO MERCADO
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PART XII - SANCTIONS
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PART XIII - ARBITRATION
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PART XIV - MISCELLANEOUS
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PART XV - FINAL PROVISIONS
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LIST OF EXHIBITS TO THE NOVO MERCADO LISTING RULES
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EXHIBIT A – FORM ANNUAL CORPORATE CALENDAR
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EXHIBIT B – FORM STATEMENT OF CONSENT FROM SENIOR MANAGERS
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EXHIBIT C – FORM STATEMENT OF CONSENT FROM CONTROLLING SHAREHOLDER
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EXHIBIT D – FORM STATEMENT OF CONSENT FROM FISCAL COUNCIL MEMBERS
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EXHIBIT E – FORM APPLICATION FOR NOVO MERCADO LISTING
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EXHIBIT F – FORM STATEMENT SIGNED BY THE COMPANY’S INVESTOR
RELATIONS DIRECTOR
Updated in this site in March/2008.
NOVO MERCADO LISTING RULES
PART I
PURPOSE
1.1 These Rules apply to publicly-held companies for the trading of their securities on a listing
segment of the São Paulo Stock Exchange – BVSP (BOVESPA) named Novo Mercado. These Rules
establish differentiated listing requirements to be followed by these Companies, their Senior Managers
and Controlling Shareholder.
PART II
DEFINITIONS
2.1 Defined Terms. In these Rules the terms below, in the singular or plural, mean:
“Annual Corporate Calendar” a list of events the Company must disclose each year. It must
contain at least the acts and events listed in Exhibit A to these Listing Rules.
“Arbitration Clause” the clause that requires the Company, its Shareholders, Senior Managers,
Fiscal Council members and BOVESPA to submit all disputes between them to arbitration. This applies
especially to disputes that relate to the enforcement, validity, efficacy, violation and related effects of: (a)
the provisions in the Corporation Law and the Company’s Bylaws, (b) the rules issued by the National
Monetary Council, the Central Bank of Brazil and the Securities and Exchange Commission of Brazil,
(c) all other rules governing capital markets in general, and (d) the directives in these Listing Rules,
Arbitration Rules and the Novo Mercado Agreement.
“Arbitration Rules” the Market Arbitration Panel Rules (as amended) that establish the arbitration
procedures for all disputes defined by the Arbitration Clause included in the Company’s Bylaws and
Statement of Consent.
“Associated Companies” the companies in which one of them holds at least 10% of another’s
capital stock without controlling it, even if the former, directly or indirectly, holds 10% of the voting
capital without controlling the latter.
“Buyer” the one to whom the Selling Controlling Shareholder transfers Control of the Company
through a Disposal of the Company’s Control.
“Closed Hearing” the consultation procedure carried out before any material amendment to these
Listing Rules. The purpose of the Closed Hearing is to (i) hear suggestions about the amendments
proposed by BOVESPA from the Companies, their Senior Managers and Controlling Shareholder that
have adhered to these Listing Rules, and (ii) decide on the amendments.
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“Company” a publicly-held company authorized to have its securities traded on the Novo
Mercado.
“Control” the actual and effective power to direct the Company’s activities and to establish the
guidelines for the operation of its management bodies, directly or indirectly, in fact or in law. Presumption
of control will exist where one or more persons are under common control or bound by a shareholders’
agreement (“controlling group”) that holds enough shares to ensure an absolute majority of votes accorded
to the shareholders present at the Company’s previous 3 (three) general meetings, even if they do not hold
the number of shares that actually provide them with an absolute majority of the voting stock.
“Controlled Company” a company in which the Company holds Control.
“Controlling Company” the company that exerts Control over the Company.
“Controlling Shareholder” the shareholder or group of shareholders under common control or
bound by a shareholders’ agreement that exerts Control over the Company.
“Controlling Shares” the block of shares that directly or indirectly provides its holder(s) with
individual or combined powers to exert Control over the Company.
“Corporation Law” Law No. 6,404 of December 15, 1976, as amended.
“CVM” the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários).
“Derivatives” bonds and securities traded on futures markets or other instruments for which
securities issued by the Company serve as underlying or referenced assets.
“Diffuse Control” the Control exerted by a shareholder who holds less than 50% of capital stock,
as well as a group of shareholders that holds more than 50%, provided none of them individually
holds more than 50% and as long as they do not participate in a voting agreement and are not under
common control and do not act in a way that represents a common interest.
“Disposal of Company’s Control” the transfer of the Controlling Shares to a third party for
consideration.
“Economic Value” the value of the Company and its shares as determined by a specialized
company and based on reputable methodology or on any other CVM criteria.
“Free Float” all shares issued by the Company, except for those held by: the Controlling
Shareholder, people entailed to him/her/it, the Company’s Senior Managers, the Company’s treasury
and except for the special class of shares intended to ensure differentiated policy-making rights, which
are held by the privatizing entity on a non-transferable and exclusive basis (golden shares).
“IFRS (International Financial Reporting Standards)” the international accounting standards issued
by the International Accounting Standards Board .
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“Independent Member” a member of the Board of Directors who: (i) has no ties to the Company
except for owning an equity share of its capital stock; (ii) is not a Controlling Shareholder, the Controlling
Shareholder’s spouse or a relative to the second degree, is not or has not been linked in the last 3
(three) years to a company or entity with ties to the Controlling Shareholder (this restriction does not
apply to people linked to governmental institutions of education and research); (iii) has not been a Senior
Manager of the Company or employed by or worked for the Company, the Controlling Shareholder or
any other company controlled by the Company; (iv) is not a direct or indirect supplier or purchaser of
the Company’s services or products or both, to a degree that results in loss of independency; (v) is
not an employee or manager of a company or entity that supplies services or products or both to, or
buys these from, the Company; (vi) is not a spouse or a relative to the second degree of any Senior
Manager of the Company; (vii) does not receive any compensation from the Company except for that
related to its activities as member of the Board of Directors (this restriction does not apply to cash from
equity interests in the capital stock).
“Listing Rules” these Novo Mercado Listing Rules.
“Minimum Free Float” the minimum percentage of Free Float required for the Company to join the
Novo Mercado. The Company must maintain a Minimum Free Float of at least 25% of the Company’s
total capital stock while the securities are listed for trading on the Novo Mercado.
“Novo Mercado Agreement” the agreement between: (i) BOVESPA, and (ii) the Company, the
Senior Managers and the Controlling Shareholder. This agreement governs the obligations that apply
to the Company’s listing on the Novo Mercado.
“Novo Mercado” BOVESPA listing segment governed by these Rules.
“Founders Shares” the non-par negotiable instruments that are not included in the capital stock,
as defined in article 46 of Corporation Law.
“Selling Controlling Shareholder” the Controlling Shareholder that disposes of its controlling
interest in the Company.
“Senior Manager” when used in the singular, the executive officer and Board of Directors member
of the Company individually, and when in the plural, the executive officers and Board of Directors
members as a whole.
“Statement of Consent from Controlling Shareholders” the instrument by which the new Controlling
Shareholders, or the shareholder(s) joining the Company’s controlling group, accept personal liability
for complying with the Novo Mercado Agreement, these Listing Rules, the Arbitration Clause and the
Arbitration Rules, using the model at Exhibit C.
“Statement of Consent from Fiscal Council Members” the instrument which the members of the
Company’s Fiscal Council (when instated), accept personal liability for complying with the Arbitration
Rules. This Statement (using the model at Exhibit D) is also valid as an Arbitration Clause.
“Statement of Consent from Senior Managers” the instrument by which the new Senior Managers
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of the Company personally accept liability for complying with the Novo Mercado Agreement, these
Listing Rules and the Arbitration Rules. This Statement (using the model at Exhibit B) is also valid as an
Arbitration Clause.
“US GAAP” the Generally Accepted Accounting Principles adopted in the United States of
America.
PART III
AUTHORIZATION FOR THE TRADING ON THE NOVO MERCADO
3.1 Authorization for the Trading on the Novo Mercado. The BOVESPA Chief Executive Officer may
authorize a Company for the trading of its securities on the Novo Mercado if it complies at least with
these requirements:
(i) It has obtained and maintained up-to-date the Company’s CVM registration for the trading of
its common shares on stock exchanges;
(ii) Its registration for the trading of its securities at BOVESPA has been applied for;
(iii) It has signed the Novo Mercado Agreement;
(iv) Its Bylaws have been amended to insert the Novo Mercado’s required clauses – especially
the Arbitration Clause;
(v) It maintains the Minimum Free Float, considering items 7.3 and 8.5;
(vi) Its capital stock is represented only by common shares, except in cases of privatization,
if dealing with a special class of share which purpose is to ensure differentiated, nontransferable policy-making rights that the privatizing entity holds exclusively (golden share).
These rights are subject to BOVESPA prior review;
(vii) It has no Founders Shares, and
(viii)It has complied with the legal and regulatory provisions that apply to the Novo Mercado.
3.1.1After a formal and substantiated request from the Company, BOVESPA Chief Executive Officer
may grant an extension of time to comply with the Minimum Free Float requirements. This power
also applies in relation to the deadlines in items 3.1 (v), 7.3, and 8.5, and in other extraordinary
circumstances.
3.1.2Any exceptional treatment given based on the above rule will be disclosed on the BOVESPA web
site.
3.2 Listing Application. A Company’s application for authorization for the trading of its securities on
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the Novo Mercado must include these supporting documents:
(i) Application form (Exhibit E) signed by the Investor Relations Officer;
(ii) Statement (Exhibit F) signed by the Investor Relations Officer;
(iii) Copy of the documentation submitted to the CVM to obtain registration for the trading of its
securities on the stock exchange or, in the case of publicly-held companies, to update this
registration to the latest financial year;
(iv) Copy of the quarterly financial statements (ITR) for the current financial year, if the periods for
delivery have already elapsed;
(v) Copy of the updated Bylaws amended to reflect the clauses required by BOVESPA;
(vi) Copy of the minutes of the general meetings and Board of Directors meetings held in the 12
(twelve) months before the application for registration is submitted;
(vii) Copy of the financial statements for the last 3 (three) financial years, if appropriate;
(viii)Copy of the documentation submitted to CVM for registration of the distribution of securities
by public share offering, if appropriate, and
(ix) Model of the multiple share certificates, or identification of the issuing agent (for multiple
share certificates) or the depositary financial institution (for book entry shares).
3.2.1BOVESPA may request additional clarification or information from the Novo Mercado applicant.
The applicant must provide that additional clarification or information within 30 (thirty) days from receiving
the request. Failure to do so may result in the application being refused. If the listing application is
refused, BOVESPA must return all supporting documents to the applicant.
3.2.2The authorization granted to a Company to list its securities on the Novo Mercado is not an
opinion on that Company’s standing. The Company’s Senior Managers are liable and accountable for
the truth of the information given to BOVESPA and the authenticity of the supporting documents.
3.2.3The Company’s authorization for the trading of its securities on the Novo Mercado is valid
indefinitely.
3.3 Entry into the Novo Mercado by Public Offering. A Company that enters the Novo Mercado by
public offering must comply with the provisions of Part VII of these Rules.
3.4 Lock-up Period. For 6 (six) months after the Company’s first public share offering after signing the
Novo Mercado Agreement, the Controlling Shareholder and the Senior Managers must not sell or offer
to sell any of the Company’s shares and Derivatives held by them immediately after that public offering.
After these initial 6 (six) months, the Controlling Shareholder and the Senior Managers must not, for a
further 6 (six) months, sell or offer to sell more than 40% of the Company’s shares and Derivatives held
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by them immediately after that public offering.
3.4.1The prohibition in item 3.4 does not apply:
(i) To the entry into the Novo Mercado of a Company that: (i) is already listed on BOVESPA, or
(ii) is listed in an organized over-the-counter market managed by BOVESPA and has already
made an initial public offering;
(ii) To the lending of shares to bring forward the share trading at BOVESPA, subject to BOVESPA’s
approval, and
(iii) An assignment or loan of shares connected to the activities of a market maker registered
with the BOVESPA, limited to no more than 15% of the locked-up shares will be available.
PART IV
BOARD OF DIRECTORS
4.1 Authority. The Company’s Board of Directors will have the powers described in the corporate law.
It will also have the duties described in the Company’s Bylaws.
4.2 Duties and Responsibilities. The members of the Board of Directors will have the responsibilities
described in the corporate law and in these Listing Rules.
4.3 Composition. The Board of Directors will be composed of at least 5 (five) members elected at a
general meeting. Of these, at least 20% must be Independent Members.
4.3.1If this percentage results in a fraction, the number will be rounded to the nearest whole number,
with the fraction of 0.5 being rounded up.
4.3.2Members elected as described in paragraphs 4 and 5 of Article 141 or Article 239 of Law No.
6.404/76 will be considered independent.
4.3.3Independent Members will be expressly identified in the minutes of the general meeting at which
they are elected.
4.4 Term of Office. The Board of Directors members will serve a unified term of 2 (two) years at the
most, with reelection allowed.
4.4.1Exceptionally and for transition purposes only, if the Company’s Control is converting to Diffuse
Control, the members of the first Board of Directors may be elected for a unified term of office of 3
(three) years.
4.5 Statement of Consent from Senior Managers. The Company must require all the Board of
Directors and Executive Office new members to sign the Statement of Consent from Senior Managers
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contained in Exhibit B. Joining the Board of Directors and Executive Office is conditioned on signing
the Statement of Consent. A signed copy must be sent promptly to BOVESPA.
PART V
FISCAL COUNCIL
5.1 Authority. The Company’s Fiscal Council will have the powers described in the corporate law. It
will also have the duties described in the Company’s Bylaws.
5.2 Duties and Responsibilities. The Fiscal Council members will have the responsibilities described
in the corporate law and in these Listing Rules. In the latter case, the sole duties and responsibilities
concern compliance with the Arbitration Rules.
5.3 Statement of Consent from Fiscal Council Members. The Company must require all members
elected to the Fiscal Council to sign the Statement of Consent contained in Exhibit D. Joining the Fiscal
Council is conditioned on signing the Statement of Consent. A signed copy must be sent promptly to
BOVESPA.
PART VI
ORDINARY AND EXTRAORDINARY REPORTING REQUIREMENTS
6.1 Cash Flow Statement. The Company’s financial statements and consolidated accounts to be
prepared at the end of every quarter (except the fourth quarter) and at the end of the financial year must
include a Cash Flow Statement. The Cash Flow Statement must reflect at least the changes in cash and
cash equivalents, with the balances broken down into operational, financial and investment activities.
6.1.1The Company must begin submitting the Cash Flow Statement described in item 6.1 no later
than 6 (six) months after it is listed on the Novo Mercado.
6.1.2In the Standard Financial Statements (Demonstrações Financeiras Padronizadas - DFP), the
Company must:
(i) Include the Cash Flow Statement described in item 6.1 in the explanatory notes; and
(ii) State, in the Management Report, the existence of and the binding to the Arbitration Clause.
6.2 Financial Statements Prepared in Accordance with International Standards. After the end of every
financial year, the Company must, in addition to that which is provided for in applicable laws:
(i) Prepare financial statements or consolidated accounts in accordance with the IFRS or US
GAAP, denominated in Brazilian reals or US dollars, the full contents of which must be
released in English. These must be accompanied by a management report, explanatory
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notes (including net income and the shareholders’ equity at the end of the financial year
in accordance with Brazilian accounting standards and the proposal for the allocation of
results) and the independent auditors’ report; or
(ii) Disclose in English the full contents of the financial statements, management report and
notes prepared in accordance with Brazilian corporate law, together with an additional note
reconciling year-end results and the shareholders’ equity under Brazilian accounting standards
and the IFRS or the US GAAP (as the case may be), highlighting the major differences
between the accounting principles used, together with the independent auditors’ report.
6.2.1The requirements described in item 6.2 must begin no later than the disclosure of financial
statements for the second financial year after the Company is listed on the Novo Mercado.
6.2.2The financial statements referred in item 6.2 must be disclosed within 4 (four) months after the
end of the financial year.
6.2.3The Independent Auditors hired by the Company must be registered with CVM and must also
have proven experience with reviewing financial statements prepared under the IFRS or US GAAP, as
the case may be. The Company will be liable for compliance with this requirement.
6.3 Quarterly Statements in English or Prepared under International Standards. The Company must
either provide the full contents of the Quarterly Financial Statements (Informações Trimestrais - ITR)
translated into English or present the Financial Statements or Consolidated Accounts prepared in
accordance with the IFRS or the US GAAP, as provided for in item 6.2.
6.3.1Submission of the Quarterly Financial Statements dealt with in item 6.3 must begin after disclosure
of the first Financial Statement prepared under the criteria described in item 6.2 above.
6.3.2The Quarterly Financial Statements described in item 6.3 must be presented no later than 15
(fifteen) days after the deadline prescribed by law for disclosure of the Quarterly Financial Statements ITR.
6.3.3The Financial Statements described in item 6.3 must be accompanied by an opinion or special
review report prepared by Independent Auditors.
6.4 Additional Requirements for Quarterly Financial Statements - ITR. In addition to the information
legally required to be included in Quarterly Financial Statements, the Company must:
(i) Present a Consolidated Balance Sheet, a Consolidated Income Statement, and Consolidated
Performance Report when it is required to submit consolidated accounts at year-end;
(ii) Disclose any direct or indirect ownership interest exceeding 5% of the Company’s capital
stock, to the level of individual shareholders;
(iii) Report, on a consolidated basis, the quantity and characteristics of the Company’s securities
directly or indirectly held by the Controlling Shareholder, the Senior Managers and the Fiscal
Council members;
(iv) Report the evolution of the volume of securities held by the people referred to in item 6.4 (iii)
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over the preceding 12 (twelve) months;
(v) Include the Cash Flow Statement described in item 6.1 in explanatory notes;
(vi) State the Free Float volume and respective percentage in relation to the total capital stock;
and
(vii) State the existence of and the binding to the Arbitration Clause.
6.4.1The information described in items 6.4 (ii), (iii), (iv), (vi) and (vii) must be included under “Other
Pieces of Relevant Information” (“Outras Informações que a Cia. Entenda Relevantes”).
6.4.2Disclosure of the information provided for in item 6.4 (i) must begin no later than 6 (six) months
after the Company is listed on the Novo Mercado.
6.4.3Quarterly Financial Statements must always be accompanied by a Special Review Report issued
by an Independent Auditor who is registered with the CVM. It must be prepared in accordance with
CVM rules.
6.5 Additional Requirements for the Annual Information Statements (Informações Anuais - IAN). The
information described in items 6.4 (iii), (iv) and (vii) must also be included in the Company’s Annual
Information Statements, under “Other Pieces of Information Considered Important” (“Outras Informações
Consideradas Importantes para o Melhor Entendimento da Cia.”).
6.6 Public Meeting with Analysts. At least once a year, the Company and the Senior Managers
must hold a public meeting with analysts and other interested parties to disclose information about the
Company’s economic and financial condition, plans and outlook.
6.7 Annual Corporate Calendar. The Company and the Senior Managers must send to BOVESPA
and disclose, by the end of January each year, an Annual Corporate Calendar that shows the schedule
of corporate events and contains at least the information listed in Exhibit A. Any changes in scheduled
events must be sent to BOVESPA and promptly disseminated to the public.
6.7.1If a company is listed on the Novo Mercado after the period stated in item 6.7, the Company
must provide BOVESPA with and disclose its Annual Corporate Calendar by the day before the first day
of trading.
6.8 Related Party Contracts. The Company must send BOVESPA and disclose information about
any contracts entered into between the Company and its Controlled Companies and Associated
Companies, Senior Managers and Controlling Shareholder; between the Company and the Controlled
Companies and Associated Companies of its Senior Managers and Controlling Shareholder; and
between the Company and any other companies that form a group with those mentioned above in fact
or in law, whenever one single contract or a series of related contracts, whether or not for the same
purpose, are worth R$200,000.00 or more within any one-year period, or equal to 1% or more of the
shareholders’ equity, whichever is greater.
6.8.1The information provided and disclosed under item 6.8 must state the purpose of the contract,
its effective term and value, its rescission or termination conditions, and any influence the contract may
have on the Company’s management and business.
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6.9 BOVESPA may, when justified, establish different methods and deadlines for disclosure of the
information described in Part VI.
6.9.1Any exceptional treatment allowed under this rule will be disclosed on BOVESPA’s web site.
PART VII
PUBLIC SHARE OFFERINGS
7.1 Shareholding Dispersion in Public Offerings. In all public share offerings, the Company will make
its best effort to achieve widely dispersed share ownership. It will use special procedures to achieve
this, as described in its prospectus. These can include:
(i) Ensuring access to all interested investors; or
(ii) Allocating at least 10% of the offering to individuals or non-institutional investors.
7.2 Prospectus. The prospectus for the Company’s public offering must comply with the minimum
requirements listed below, in addition to other requirements described in law and in the rules of selfregulating entities:
(i) The prospectus must be sent to BOVESPA and disclosed;
(ii) It must be written clearly, avoiding legal or technical terms and cross-references to other
documents and rules;
(iii) It must include an index and summary describing its contents, for easier consultation;
(iv) It must present the updated information that was provided to CVM: (a) to obtain registration
as a publicly-held company authorized for trading its securities on stock exchanges; and (b)
to make a public offering;
(v) The telephone number and e-mail address for contacting the Investor Relations Officer must
be stated;
(vi) An economic and financial feasibility study must be provided when CVM rules require one,
and the format of the study must comply with CVM rules;
(vii) The risk factors must be described. Risk factors include all facts related to the Company
and its business that might affect an investor’s decision to buy the Company’s securities.
Risk factors include, among other things: (a) the Company not having a track record; (b)
financial difficulties the Company faces; and (c) risks inherent in the Company’s current or
future activities;
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(viii)An overview of the Company’s activities must be given. This overview must include: (a)
a description of the Company’s business, production processes and markets, as well
as those of its subsidiaries; (b) macroeconomic factors that might affect the Company’s
business; (c) a list of products and services the Company offers and their respective share
in total revenue; (d) a description of the products and services under development; (e)
relationships with suppliers and customers; (f) reliance on domestic and foreign markets;
(g) effects of government action on its business, together with the existence of any specific
regulations governing its activities; (h) information about trademarks, patents, and licenses;
(i) relevant contracts, and the potential effects of future renegotiation of these contracts on
the Company’s business; (j) number of employees and human resources policy; and (k)
major competitors in the Company’s market;
(ix) It must have a management report analyzing and discussing the Company’s financial
statements. This report must explain: (a) the reasons for any changes in the income
statement accounts over the last 3 (three) or more years; (b) the effect of inflation; and (c)
the Company’s ability to meet its financial commitments;
(x) All types of securities issued by the Company must be described with a clear statement of
their underlying rights and other features (e.g. type, yield and trading place), together with
any history of prices for these securities;
(xi) Court, arbitration and administrative cases in which the Company is involved must be
described, including the amounts involved, chances of success, and whether a provision
has been made;
(xii) The prospectus must declare all transactions entered into between the Company and its
Controlled and Associated Companies, Senior Managers, and Controlling Shareholder;
between the Company and companies controlled by or associated with the Senior Managers
and Controlling Shareholder; and between the Company and other companies that form a
group with any of the people mentioned above, either in fact or in law;
(xiii)It must describe all events or transactions that will take place during the public offering period
that might affect the price of the securities;
(xiv)It must describe the qualifications and experience of the Senior Managers and Fiscal Council
members, as well as the Company’s compensation and benefit policies;
(xv) It must disclose any direct or indirect ownership interest exceeding 5% of the Company’s
capital stock, up to the level of individual shareholders; and
(xvi)It must state the existence of and the binding to the Arbitration Clause.
7.2.1BOVESPA may require the Company to provide other documents related to public offerings.
7.2.2Whenever CVM has waived the requirement of a prospectus for the Company, the documents
forwarded to CVM in relation to the public offering must also be delivered to BOVESPA.
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7.2.3Likewise, the Company must provide BOVESPA the same public offering registration documents
it provides to CVM on the same day. There is an exception to this rule if the Company has requested
confidential treatment from CVM.
7.3 Maintenance of the Minimum Free Float after Capital Increase. If any capital increase is not fully
subscribed for by those who hold a preemptive right or if not enough people are interested in the public
offering and the Controlling Shareholder subscribes for all or part of the capital increase, the latter must
take the steps necessary to restore the Minimum Free Float within 6 (six) months after the subscription
is ratified, when applicable.
PART VIII
DISPOSAL OF CONTROL
8.1 Disposal of the Company’s Control. The Disposal of the Company’s Control, whether it is done
in a single transaction or in a series of transactions, must be done on the condition that the buyer
undertakes to make a public tender offer to acquire all shares held by the other shareholders in the
Company. This public tender offer must comply with the law and with these Listing Rules and the other
shareholders must be given the same treatment as the Selling Controlling Shareholder.
8.1.1For the purposes of the public tender offer described in item 8.1, the Selling Controlling
Shareholder and the Buyer must promptly inform BOVESPA in writing of the price and other terms of
the agreement for Disposal of Company’s Control.
8.1.2The public tender offer described in item 8.1 must also be made:
(i) Whenever there is an assignment, for consideration, of subscription rights for shares and
other securities, or of rights related to securities convertible into shares, that results in
Disposal of Company’s Control; or
(ii) Whenever there is disposal of a controlling interest in a company that holds the Company’s
Control. In this case, the Selling Controlling Shareholder must inform BOVESPA of the value
given to the Company in the transaction and provide documents that support the valuation.
8.2 Acquisition of Control through Successive Transactions. Anyone who already owns the Company’s
shares and acquires the Company’s Control through a private share purchase agreement with the
Controlling Shareholder, regardless of the number of shares involved, must:
(i) Make a public tender offer as described in section 8.1 above; and
(ii) Compensate the shareholders from whom it bought shares on stock exchange in the 6 (six)
months before the date of Disposal of Control, paying them the difference between the price
paid to the Selling Controlling Shareholder and the price paid to them, adjusted according
to an appropriated index.
NOVO MERCADO
BOVESPA - BRASIL
15
8.3 Statement of Consent from Controlling Shareholders. The Selling Controlling Shareholder cannot
transfer title to his shares until the Buyer signs a Statement of Consent from Controlling Shareholders.
Likewise, the Company will not register any transfer of shares to the Buyer or to whoever holds its
Control, until the latter signs the Statement of Consent from Controlling Shareholders, which must be
promptly forwarded to BOVESPA.
8.3.1The Company must not file any shareholders’ agreements that provide for the exercise of Control
until the parties to the agreement have signed a Statement of Consent from Controlling Shareholders,
which must be promptly forwarded to BOVESPA.
8.4 Disputes Regarding the Disposal of Company’s Control. Arbitration under the Arbitration Rules
of the Market Arbitration Panel must be used to resolve any disputes, especially about the existence,
validity, enforcement, efficacy, violation and related effects, of: (i) Disposal of Company’s Control; or (ii)
the compulsory issuance of a public tender offer or its conditions.
8.5 Minimum Free Float after Disposal of Control. Upon Disposal of the Company’s Control, the
Buyer - to the extent applicable - must take the steps necessary to restore the Minimum Free Float
within 6 (six) months after acquiring Control.
8.6 Supplementary Rules. BOVESPA may issue supplementary rules to govern the issuance of public
tender offers.
PART IX
TRADING IN SECURITIES AND DERIVATIVES BY CONTROLLING
SHAREHOLDERS
9.1 Reporting Requirements. The Controlling Shareholder must report the volume and characteristics
of the Company’s securities that it holds directly or indirectly to BOVESPA, including Derivatives. It must
give this notice promptly after acquiring Control.
9.1.1Any trades in securities and Derivatives described in this section must be reported in detail
to BOVESPA, including price, within 10 (ten) days after the end of the month in which these trades
occurred.
9.1.2The requirement dealt with in this section includes securities and the respective Derivatives held
directly or indirectly by the spouse, domestic partner, and dependents stated on the annual income tax
returns of the Controlling Shareholder.
9.2 Disclosure by BOVESPA. BOVESPA will widely disclose the information provided by the Controlling
Shareholder, in accordance with the provisions of this Part, on a consolidated basis.
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NOVO MERCADO
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PART X
CANCELLATION OF REGISTRATION AS A PUBLICLY-HELD COMPANY
10.1 Appraisal Report. Canceling registration as a publicly-held Company requires the preparation of
a report on the Economic Value of the Company’s shares. This valuation report must be prepared by
a specialized institute or company with proven experience and that is independent of the Company’s
decision-making powers, its Managers and the Controlling Shareholder. The report must also meet
the requirements of article 8 paragraph 1 of the Corporation Law and include the liability set out in
paragraph 6 of the same article.
10.1.1 The general meeting of shareholders has exclusive responsibility for choosing the specialized
institute or company that will determine the Company’s Economic Value. The general meeting of
shareholders will choose from among 3 (three) nominees submitted by the Board of Directors. The
resolution must be passed by a majority of the votes of shareholders representing Free Float who
are present at the general meeting, not counting blank votes. If the general meeting of shareholders
is instated on the first call, it must have a quorum of shareholders representing at least 20% of the
total Free Float. If the meeting is instated on the second call, it can have any number of shareholders
representing Free Float.
10.1.2 The party making the offer must pay all the costs of preparing the valuation report.
10.2 Public Tender Offer. The minimum offer price in the public tender offer to be made by the Controlling
Shareholder or the Company to cancel the Company’s registration as a publicly-held company cannot
be less than the Economic Value determined in the appraisal report mentioned in item 10.1.
10.3 Offer Price. When the decision to cancel the Company’s registration as a publicly-held company
is disclosed to the market, the party making the offer must disclose the maximum value per share that
will be tendered in the public offer.
10.3.1 The public tender offer is conditional on the value stated in the appraisal report not being
greater than that offered by the offering party, as provided for in item 10.3.
10.3.2 If the Economic Value of the shares is higher than the amount tendered by the offering party, the
resolution to cancel the Company’ registration as a publicly-held company will be revoked unless the
offering party expressly agrees to tender a public offer at the Economic Value. The offering party must
disclose its decision to the market.
10.4 Procedures. Cancellation of the Company’s registration as a publicly-held company must follow
the procedures and meet all further requirements in the applicable laws and regulations, especially
relevant CVM rules and the provisions of these Listing Rules.
NOVO MERCADO
BOVESPA - BRASIL
17
PART XI
DELISTING FROM THE NOVO MERCADO
11.1 Delisting. A Company may delist from the Novo Mercado at any time, as long as the delisting
(i) has been approved at a general meeting of shareholders; and (ii) has been reported in writing to
BOVESPA at least 30 (thirty) days in advance.
11.1.1 Delisting from the Novo Mercado does not mean that the Company will lose its status as a
publicly-held company listed on BOVESPA.
11.2 Public Tender Offer by the Controlling Shareholder. Whenever the Company’s delisting from the
Novo Mercado is because of registration of its securities for trades outside the Novo Mercado, the
Controlling Shareholder must make a public tender offer to acquire the other shareholders’ shares.
The Controlling Shareholder must pay at least the Economic Value determined under Part X above
and applicable rules and regulations. The information about the public tender offer must be reported to
BOVESPA and disclosed to the market immediately after the general meeting at which the delisting is
approved.
11.3 Cancellation of Registration as a Publicly-Held Company. Whenever the Company’s delisting
from the Novo Mercado is due to cancellation of registration as a publicly-held company (i) all the steps
required by law must be followed and the public tender offer must be made for at least the Economic
Value of the shares, determined as described in Part X; and (ii) a general meeting, as described in item
11.1 (i), is not required.
11.4 Corporate Reorganization. Whenever the Company’s delisting from the Novo Mercado is because
of a corporate reorganization whereby the resulting company does not qualify for trading its securities
on the Novo Mercado, the Controlling Shareholder must make a public tender offer for acquisition of
the shares held by the other shareholders. This public tender offer must be for at least at the Economic
Value of the shares, determined as described in Part X, and the applicable rules and regulations. The
information about the public tender offer must be reported to BOVESPA and disclosed to the market
immediately after the general meeting in which the reorganization is approved.
11.5 Surviving Requirements. A Company’s delisting from the Novo Mercado does not release the
Company, its Senior Managers, and the Controlling Shareholder from compliance with the requirements
that result from the Novo Mercado Agreement, the Arbitration Clause, the Arbitration Rules and these
Listing Rules, whenever the requirements arise from events that took place before the delisting.
11.6 Disposal of Company’s Control after Delisting. The Disposal of Company’s Control within 12
(twelve) months after the Company’s delisting from the Novo Mercado will require the Selling Controlling
Shareholder and the Buyer, jointly and severally, to make a public tender offer to acquire the shares of
the other shareholders at the price and on the conditions given to the Selling Controlling Shareholder
for sale of its own shares, adjusted according to an appropriated index. The same rules as apply to
Disposal of Control under Part VIII must be followed.
11.6.1 If the price the Selling Controlling Shareholder receives when it sells its own shares is higher
18
NOVO MERCADO
BOVESPA - BRASIL
than the amount stated in the public tender offer due to delisting from Novo Mercado, the Selling
Controlling Shareholder and the Buyer will be jointly and severally liable for paying the difference to
those who accepted the public tender offer, on the same conditions as those mentioned in item
11.6.
11.6.2 The Company and the Controlling Shareholder must note in the Company’s Share Register, for
the shares the Controlling Shareholder owns, the Buyer’s commitment to offer the other shareholders
the same price and payment terms as offered to the Selling Controlling Shareholder, in accordance
with items 11.6 and 11.6.1.
11.7 No Return. After delisting from the Novo Mercado, the Company’s securities cannot be traded
on the Novo Mercado for at least 2 (two) years after the delisting is formalized. There is an exception
to this rule if the Company’s shareholding control is disposed of after the delisting.
11.8 Supplementary Rules. If the Company’s control is classified as Diffuse Control, BOVESPA may
issue supplementary rules to govern public tender offers for shares described in this Part.
PART XII
SANCTIONS
12.1 Notice of Default. To enforce compliance with Novo Mercado Listing Rules, BOVESPA will send
written notice to the Company, the Senior Managers and the Controlling Shareholder, as the case may
be, whenever they are in breach of any obligations deriving from these Listing Rules. The notice must
set a period for curing the default, when appropriate.
12.1.1 The Company, the Senior Managers or the Controlling Shareholder, as the case may be, will be
subject to the fines provided for in regulations, as well as to the sanctions described in items 12.4 and
12.5. They will also be subject to any other penalties provided for in laws and to reparation for losses
and damage, including ceasing profits.
12.2 Fines. When fines are imposed, these factors will be taken into consideration: (i) compliance with
obligations; (ii) the nature and seriousness of the breach; (iii) harm to the market and its participants; (iv)
advantages the offender gained; and (v) past breaches of other rules and repetition of the same offense.
12.3 Payment and Allocation of Fines. The offender will receive a discount of 50% (fifty percent) in the
total amount of the fine if paid within 10 (ten) days.
12.3.1 Fines not paid when due accrue interest at 12% a year and are indexed to the General Market
Price Index (IGP-M), which is calculated by the Getúlio Vargas Foundation, or an index that replaces it
if it is discontinued. Indexing will be applied annually, or more often if allowed by law.
12.3.2 Proceeds from these fines will be reverted to BOVESPA. This money will be used to maintain
the Market Arbitration Panel, in charge of resolution of disputes under the Arbitration Rules.
NOVO MERCADO
BOVESPA - BRASIL
19
12.4 Non-Cash Sanctions. If a breach is not cured by the deadline in the default notice mentioned in
item 12.1, BOVESPA may order:
(i) The prices for the Company’s securities to be disclosed separately, setting a new deadline
to remedy of the default, upon notice to the Company; or
(ii) Trades in the Company’s securities to be suspended on the Novo Mercado, setting a new
deadline to remedy the default, upon notice to the Company.
The seriousness of the offense and the ensuing damages to the market and its participants will be
taken into account in imposing these penalties. The fines described above may also be imposed.
12.4.1 If the sanction in item 12.4 (i) is imposed and the Company does not meet the new deadline for
curing its breach, BOVESPA can order that trades in the Company’s securities be suspended on the
Novo Mercado.
12.4.2 The sanctions described in item 12.4 will be lifted on the date the default is fully cured.
12.4.3 Trading in a Company’s securities may also be suspended under BOVESPA’s general suspension
rules and regulations and for violations of the law.
12.4.4 Effects of Suspension. While trading in a Company’s securities is suspended on the Novo
Mercado pursuant to item 12.4 (ii), the Company, the Controlling Shareholder, the Senior Managers
and the Fiscal Council members must continue to meet all obligations under these Listing Rules, the
Arbitration Clause and the Arbitration Rules.
12.5 Termination of the Novo Mercado Agreement. BOVESPA may declare termination of the Novo
Mercado Agreement if the breach leads to the suspension of trading is not cured by the deadline
stated in the notice described in item 12.4 (ii).
12.5.1 Effects of Termination. As a result of termination of the Novo Mercado Agreement under 12.5:
(i) The Company’s securities cannot be traded on the Novo Mercado for 2 (two) years from
the termination date, unless the Company’s shareholding control is disposed of after the
termination ;
(ii) The Controlling Shareholder will not be released from compliance with the obligations inherent
in the Company’s delisting from the Novo Mercado under items 11.6 and 11.6.1 (Disposal
of Control after Delisting);
(iii) The Controlling Shareholder must make a public tender offer for the shares held by the other
shareholders. This offer must be for at least the Economic Value of the shares as calculated
under Part X and comply with applicable rules and regulations. The information about the
public tender offer must be reported to BOVESPA and disclosed to the market immediately
after the Company receives notice of the early termination of the Novo Mercado Agreement;
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NOVO MERCADO
BOVESPA - BRASIL
and
(iv) The Controlling Shareholder will continue to be bound by the arbitration described in Part XIII
until all the obligations described in item 12.5.1 are fulfilled.
12.5.2 The termination of the Novo Mercado Agreement will be declared if the Company is declared
bankrupt or if its registration for the trading on stock exchange is cancelled.
12.5.3 Termination of Novo Mercado Agreement under item 12.5 will not mean the Company’s
automatic loss of its status as a publicly-held company listed at BOVESPA, unless one of the events
mentioned in item12.5.2 occurs.
12.6 The offender will have the right to defend itself before any sanction or penalty is imposed under
this Part.
12.6.1 BOVESPA will disclose the names of the Companies at which Senior Managers or Controlling
Shareholder are subjected to penalties for breach of any obligation deriving from these Listing Rules.
12.7 Supplementary Rules. If the Company’s Control is classified as Diffuse Control BOVESPA may
issue supplementary rules to govern the public tender offers for shares described in item 12.5.1 (iii).
PART XIII
ARBITRATION
13.1 Arbitration. BOVESPA, the Company, its Controlling Shareholder, Senior Managers and
Fiscal Council members agree to refer to arbitration any disputes related to these Listing Rules, the
Novo Mercado Agreement, the Arbitration Clause, particularly regarding their enforcement, validity,
effectiveness, construction, violation and related effects, before the Market Arbitration Panel, under the
Arbitration Rules.
PART XIV
MISCELLANEOUS
14.1 Disclosure. All documents and information to be disclosed by the Company under these Listing
Rules must be delivered to BOVESPA electronically and, if possible, made available at the Company’s
web site.
14.2 Amendments. BOVESPA cannot make any material change to these Listing Rules except on the
condition that:
(i) It holds a Closed Hearing with the Companies listed on the Novo Mercado on a date
scheduled by the BOVESPA Chief Executive Officer with at least 15 (fifteen) days notice and
NOVO MERCADO
BOVESPA - BRASIL
21
there is no express opposition to the change by more than one-third of the attendees at the
Closed Hearing; and
(ii) The amendment is approved by CVM.
14.2.1 Effectiveness of Amendments. BOVESPA must inform the Company, its Senior Managers,
Controlling Shareholder and Fiscal Council members 30 (thirty) days before any amendment to these
Listing Rules or the Arbitration Rules takes effect.
14.3 Supervening Rules. If any provision of these Listing Rules is held invalid or unenforceable in light
of any supervening rules or regulations, the provision will be replaced with another with similar content
that achieves the same purpose and intent of the invalid or unenforceable provision, subject to the
supervening rules or regulations. The invalidity or unenforceability of any provision will not affect the
other provisions contained in these Listing Rules.
14.3.1 If the provisions of these Listing Rules are fully or partially incorporated into future laws and if
this results in these Listing Rules becoming irrelevant, BOVESPA may terminate the Novo Mercado
Agreement. The termination of the Agreement will not mean that the Company will lose its status as a
publicly-held company listed at BOVESPA.
14.4 Omissions - Unforeseen Events. The BOVESPA Chief Executive Officer may, at his or her own
discretion, resolve cases not dealt with in these Listing Rules, as presented by the Company, its Senior
Managers and Controlling Shareholder.
PART XV
FINAL PROVISIONS
15.1 Exclusion of Liability. The provisions in these Listing Rules do not imply any liability for BOVESPA
and do not mean that BOVESPA will defend the interests of someone adversely affected by:
(i) Unlawful acts or abuses committed by the Company, the Controlling Shareholder, the Senior
Managers, or the Fiscal Council members; or
(ii) False or misleading information, or the omission of material information, attributable to
the Company, the Controlling Shareholder, the Senior Managers or the Fiscal Council
members.
22
NOVO MERCADO
BOVESPA - BRASIL
LIST OF EXHIBITS TO THE
NOVO MERCADO LISTING RULES
Exhibit A
Form Annual Corporate Calendar
Exhibit B
Form Statement of Consent from Senior Managers
Exhibit C
Form Statement of Consent from Controlling Shareholders
Exhibit D
Form Statement of Consent from Fiscal Council Members
Exhibit E
Form Application for NOVO MERCADO Listing
Exhibit F
Form Statement Signed by the Company’s Investor Relations
Officer
NOVO MERCADO
BOVESPA - BRASIL
23
EXHIBIT A
ANNUAL CORPORATE
CALENDAR
Company Name
Headquarters Address
Website Address
Investor Relations Officer
Name:
E-mail:
Phone:
Fax:
Person in charge of the Investor
Relations Area
Name:
E-mail:
Phone:
Fax:
Newspapers (and places) where
corporate acts are published
The Company is bound by the Market Arbitration Panel, pursuant to the Arbitration Clause of its
Bylaws.
Annual Financial Statements and Consolidated Accounts, if applicable, for the financial year
ended on [date]
EVENT
DATE
Availability to Shareholders
Publication
Forwarding to BOVESPA
Standard Financial Statements – DFP for the financial year ended on [date]
EVENT
DATE
Forwarding to BOVESPA
Annual Financial Statements or Consolidated Accounts prepared in accordance with
international accounting standards, for the financial year ended on [date]
EVENT
DATE
Forwarding to BOVESPA
24
NOVO MERCADO
BOVESPA - BRASIL
Cash proceeds in allocation of results for the financial year ended on [date]
Proceeds
Event-Date
(dividend or
BDM, EGM or
interest on own AGM – Date of
capital)
realization)
Amount (R$)
(gross)
Amount in R$/share
CS
PS
(gross)
(gross)
Payment Date
Annual Information Statement – IAN for the financial year ended on [date]
EVENT
DATE
Forwarding to BOVESPA
Quarterly Financial Statements – ITR
EVENT
DATE
Forwarding to BOVESPA
Regarding the 1st quarter
Regarding the 2nd quarter
Regarding the 3rd quarter
Quarterly Financial Statements in English or in accordance with international accounting standards
EVENT
DATE
Forwarding to BOVESPA
Regarding the 1st quarter
Regarding the 2nd quarter
Regarding the 3rd quarter
Annual General Meeting
EVENT
DATE
Publication of Call Notice
Forwarding of Call Notice to BOVESPA coupled with management proposal, if
any
Date of the Annual General Meeting
Forwarding of major resolutions taken at the Annual General Meeting to
BOVESPA
Forwarding of the minutes of the Annual General Meeting to BOVESPA
NOVO MERCADO
BOVESPA - BRASIL
25
Extraordinary General Meetings already scheduled
EVENT
DATE
Publication of Call Notice
Forwarding of Call Notice to BOVESPA coupled with management proposal, if
any
Date of the Extraordinary General Meeting
Forwarding of major resolutions taken at the Extraordinary General Meeting to
BOVESPA
Forwarding of the minutes of the Extraordinary General Meeting to BOVESPA
Public Meeting with Analysts
EVENT
DATE
Date of the Public Meeting with Analysts, open to other interested parties (place
and time)
Conference call (optional)
EVENT
DATE
Date of the conference call (describe the subject to be discussed, time and
how to participate)
Board of Directors Meetings already scheduled
EVENT
DATE
Date of the Board of Directors Meeting (involving issues of interest to the
market)
Forwarding of the main resolutions taken at the Board of Directors Meeting to
BOVESPA
Forwarding of the minutes of the Board of Directors Meeting to BOVESPA
26
NOVO MERCADO
BOVESPA - BRASIL
EXHIBIT B
STATEMENT OF CONSENT
FROM SENIOR MANAGERS
By this instrument, [INSERT SENIOR MANAGER’S NAME], [INSERT SENIOR MANAGER’S NATIONALITY,
MARITAL STATUS AND PROFESSION], resident and domiciled at [INSERT ADDRESS], with individual
taxpayer ID number (CPF) [INSERT CPF NUMBER], bearer of Identity Card [R.G. or RNE] No. [INSERT
NUMBER AND ISSUING AGENCY], from here onward referred to as “Declarant”, in the capacity of
[INSERT SENIOR MANAGER’S TITLE] at [INSERT COMPANY’S NAME], a joint-stock company with
its principal place of business at [INSERT ADDRESS], with corporate taxpayer ID number (CNPJ)
[INSERT CNPJ NUMBER], from here onward referred to as “Company,” hereby expressly takes
personal responsibility for compliance with the rules stated in the Novo Mercado Agreement signed
by the Company (“Agreement”) and in the Novo Mercado Listing Rules (“Listing Rules”), which govern
this securities trading segment of the São Paulo Stock Exchange – BVSP (BOVESPA), including any
subsequent amendments, pursuant to the provisions of item 14.2 of these Listing Rules, the terms of
which are fully known to Declarant, as well as in any other Rules that may be issued in relation to the
Novo Mercado (jointly, the “Rules”), and undertakes to perform its managerial duties at the Company
always in keeping with these rules, also being subject to the applicable fines and penalties prescribed
in the Agreement and Listing Rules. Declarant undertakes to comply with the obligations that apply to
him or her, and will likewise cause the Company to comply with its obligations under the Agreement
and pursuant to the Listing Rules.
Declarant also gives full and unconditional agreement with all terms and conditions stated in the Market
Arbitration Panel Rules (“Arbitration Rules”), including further amendments, pursuant to the provisions of
item 16.3 of such Arbitration Rules, and the Arbitration Clause provided for in the Company’s Bylaws,
being responsible and undertaking to refer to arbitration any and all disputes or controversies between
the Declarant, the Company, its Shareholders, other Senior Managers, Fiscal Council members and
BOVESPA, that related to the enforcement, validity, efficacy, violation and related effects, of: (a) the
provisions in the Corporation Law and the Company’s Bylaws, (b) the rules issued by the National
Monetary Council, the Central Bank of Brazil and the Securities and Exchange Commission of Brazil,
(c) all other rules governing capital markets in general, and (d) the directives in these Listing Rules,
Arbitration Rules and the Novo Mercado Agreement with strict compliance with the law in effect,
especially with Law No. 9,307/96, the Statement of Consent being effective as an Arbitration Clause,
pursuant to article 4 of that Law. For this purpose, the Declarant undertakes to sign the respective
arbitration statement and accept the arbitration decision that may be given in the event of any dispute
or controversy.
NOVO MERCADO
BOVESPA - BRASIL
27
The Declarant signs this instrument in 3 (three) identical copies, in the presence of the two undersigned
witnesses.
[INSERT PLACE AND DATE OF SIGNATURE]
[INSERT DECLARANT’S NAME]
[INSERT ADDRESS, FAX No. AND E-MAIL FOR NOTIFICATIONS – IF
POSSIBLE, USE THE SAME ADDRESS FOR NOTIFICATION INCLUDED
IN THE NOVO MERCADO AGREEMENT]
Witnesses:
1.
Name: RG:
28
2.
Name:
RG:
NOVO MERCADO
BOVESPA - BRASIL
EXHIBIT C
STATEMENT OF CONSENT FROM
CONTROLLING SHAREHOLDER
By this instrument, [INSERT NAME AND PARTICULARS OF CONTROLLING SHAREHOLDER,
INCLUDING THOSE OF THE CONTROLLING COMPANY], from here onward referred to as
“Declarant(s)”, in the capacity of controlling shareholder in [INSERT COMPANY’S NAME], a joint-stock
company with its principal place of business at [INSERT ADDRESS], with corporate taxpayer ID number
(CNPJ) [INSERT CNPJ NUMBER], from here onward referred to as “Company”, hereby expressly takes
personal responsibility for compliance with the rules stated in the Novo Mercado Agreement signed
by the Company (“Agreement”) and in the Novo Mercado Listing Rules (“Listing Rules”), which govern
this securities trading segment of the São Paulo Stock Exchange – BVSP (BOVESPA), including any
subsequent amendments, pursuant to the provisions of item 14.2 of these Listing Rules, the terms of
which are fully known to Declarant, as well as in any other Rules that may be issued in relation to the
Novo Mercado (jointly, the “Rules”), and undertakes to exert the respective control over the Company
always in keeping with those rules, also being subject to the applicable fines and penalties prescribed
in the Agreement and Listing Rules. Declarant undertakes to comply with the obligations that apply to it,
and will likewise cause the Company to comply with its obligations under the Agreement and pursuant
to the Rules.
Declarant also gives full and unconditional agreement with all terms and conditions stated in the Market
Arbitration Panel Rules (“Arbitration Rules”), including further amendments, pursuant to the provisions
of item 16.3 of such Arbitration Rules, and the Arbitration Clause provided for in the Company’s
Bylaws, being responsible and undertaking to refer to arbitration any and all disputes or controversies
between the Declarant, the Company, its Shareholders, Senior Managers, Fiscal Council members
and BOVESPA, that related to the enforcement, validity, efficacy, violation and related effects, of: (a)
the provisions in the Corporation Law and the Company’s Bylaws, (b) the rules issued by the National
Monetary Council, the Central Bank of Brazil and the Securities and Exchange Commission of Brazil,
(c) all other rules governing capital markets in general, and (d) the directives in these Listing Rules,
Arbitration Rules and the Novo Mercado Agreement; with strict compliance with the law in effect,
especially with Law No. 9,307/96.
The Declarant additionally undertakes to require the Company’s Indirect Controlling Shareholder, if any,
to comply with any arbitration decisions given by the Market Arbitration Panel formed according to the
provisions of the Arbitration Rules. The Declarant undertakes to sign the respective arbitration statement
and accept the arbitration decision that may be given in the event of any dispute or controversy.
NOVO MERCADO
BOVESPA - BRASIL
29
Declarant signs this instrument in 3 (three) identical copies, in the presence of the two undersigned
witnesses.
[INSERT PLACE AND DATE OF SIGNATURE]
[INSERT DECLARANT’S NAME]
[INSERT ADDRESS, FAX NO. AND E-MAIL FOR NOTIFICATIONS – IF
POSSIBLE, USE THE SAME ADDRESS FOR NOTIFICATION INCLUDED
IN THE NOVO MERCADO AGREEMENT]
Witnesses:
1.
Name:
RG:
30
2.
Name:
RG:
NOVO MERCADO
BOVESPA - BRASIL
EXHIBIT D
STATEMENT OF CONSENT FROM FISCAL
COUNCIL MEMBERS
By this instrument, [INSERT MEMBER’S NAME], [INSERT MEMBER’S NATIONALITY, MARITAL STATUS
AND PROFESSION], resident and domiciled at [INSERT ADDRESS], with individual taxpayer ID number
(CPF) [INSERT CPF NUMBER], bearer of Identity Card [R.G. or RNE] No. [INSERT NUMBER AND
ISSUING AGENCY], from here onward referred to as “Declarant”, in the capacity of member of the Fiscal
Council of [INSERT COMPANY’S NAME], a joint-stock company with its principal place of business at
[INSERT ADDRESS], with corporate taxpayer ID number (CNPJ) [INSERT CNPJ NUMBER], in keeping
with the provisions of Part V of the Novo Mercado Listing Rules (“Listing Rules”), which govern this
securities trading segment of the São Paulo Stock Exchange – BVSP (BOVESPA), hereby represents
that Declarant is fully aware of and undertakes to comply, to the extent applicable, with the provisions
contained in the Market Arbitration Panel Rules (“Arbitration Rules”), including subsequent amendments,
pursuant to the provisions of item 16.3 of such Arbitration Rules, and the Arbitration Clause provided for
in the Company’s Bylaws, being responsible and undertaking to refer to arbitration any and all disputes
or controversies between the Declarant, the Company, its Shareholders, Senior Managers, other Fiscal
Council members and BOVESPA, that related to the enforcement, validity, efficacy, violation and
related effects, of: (a) the provisions in the Corporation Law and the Company’s Bylaws, (b) the rules
issued by the National Monetary Council, the Central Bank of Brazil and the Securities and Exchange
Commission of Brazil, (c) all other rules governing capital markets in general, and (d) the directives in
these Listing Rules, Arbitration Rules and the Novo Mercado Agreement; with strict compliance with
the law in effect, especially with Law No. 9,307/96, the Statement of Consent being effective as an
Arbitration Clause, pursuant to article 4 of that Law. For this purpose, the Declarant undertakes to sign
the respective arbitration statement and accept the arbitration decision that may be given in the event
of any dispute or controversy.
Declarant signs this instrument in 3 (three) identical copies, in the presence of the two undersigned
witnesses.
[INSERT PLACE AND DATE OF SIGNATURE]
[INSERT THE DECLARANT(S) NAME(S)]
[INSERT ADDRESS, FAX NO. AND E-MAIL FOR NOTIFICATIONS – IF
POSSIBLE, USE THE SAME ADDRESS FOR NOTIFICATION INCLUDED
IN THE NOVO MERCADO AGREEMENT]
Witnesses:
1.
Name:
RG:
NOVO MERCADO
BOVESPA - BRASIL
2.
Name:
RG:
31
EXHIBIT E
APPLICATION FOR
NOVO MERCADO LISTING
To
Chief Executive Officer of
São Paulo Stock Exchange – BVSP (BOVESPA)
Mr. Chief Executive Officer:
[INSERT COMPANY’S NAME], a joint-stock company with its principal place of business at [INSERT
ADDRESS], with corporate taxpayer ID number (CNPJ) [INSERT CNPJ], here represented by its
Investor Relations Officer, Mr./Ms. [INSERT NAME], [INSERT NATIONALITY, MARITAL STATUS AND
PROFESSION], resident and domiciled at [INSERT ADDRESS], with individual taxpayer ID number (CPF)
[INSERT CPF] and bearer of Identity Card [RG or RNE] No. [INSERT NUMBER AND ISSUING AGENCY],
here applies for registration at BOVESPA for the trading of its securities on the NOVO MERCADO; for
such purpose, the documentation described in Part III, item 3.2 of the NOVO MERCADO Listing Rules
is attached.
Sincerely,
[PLACE AND DATE]
[SIGNATURE]
32
NOVO MERCADO
BOVESPA - BRASIL
EXHIBIT F
STATEMENT
[INSERT COMPANY’S NAME], a joint-stock company with its principal place of business at [INSERT
ADDRESS], with corporate taxpayer ID number (CNPJ) [INSERT CNPJ], here represented by its
Investor Relations Officer, Mr./Ms. [INSERT NAME], [INSERT NATIONALITY, MARITAL STATUS AND
PROFESSION], resident and domiciled at [INSERT ADDRESS], with individual taxpayer ID number
(CPF) [INSERT CPF] and bearer of Identity Card [RG or RNE] No. [INSERT NUMBER AND ISSUING
AGENCY], in view of its intention to be listed on the NOVO MERCADO of the São Paulo Stock Exchange
– BVSP (BOVESPA), states that:
1. It is registered as a publicly-held company with the Securities and Exchange Commission of Brazil
under the number ....... (or, if appropriate, “it is applying for registration as a publicly-held company with
the Securities and Exchange Commission of Brazil with a view to trading its common shares on stock
exchanges”);
2. It is cognizant of the provisions contained in the Novo Mercado Agreement, in the Novo Mercado
Listing Rules, in the Arbitration Rules, and in all other rules issued by BOVESPA, all of which it will fully
comply with;
3. It will pay the annuities due to BOVESPA in the manner and by the deadlines established by the
applicable rules;
4.
It will provide BOVESPA with the information described in the Novo Mercado Listing Rules;
5. It will give prior notice to BOVESPA, irrespective of publication, of the date on which any rights
will start being paid to the shareholders, as well as the commencement and end dates for exercise of
subscription rights and the periods during which any requests for transfer, conversion, split or reverse
split of shares or share certificates will be suspended;
6. It will promptly disclose any information with respect to material facts involving the Company’s
business; and
7. It will provide BOVESPA with a copy of every document sent to the Securities and Exchange
Commission of Brazil, including any documents submitted for updating of listing records as well as data
on the company’s financial and economic conditions as disclosed to the media.
[PLACE AND DATE]
[SIGNATURE]
NOVO MERCADO
BOVESPA - BRASIL
33
March/2008.
Bolsa de Valores de São Paulo
Rua XV de Novembro, 275
01013-001 - São Paulo - SP
Tel.: (11) 3233-2341/2371
Fax: (11) 3233-2051
www.bovespa.com.br
E-mail: bovespa@bovespa.com.br